Morgan Stanley Again Marked Down Valuation of Flipkart
A mutual fund group governed by Morgan Stanley has further reduced the valuation of India's biggest e-commerce portal, Flipkart. Flipkart shares markdown by 15.5%. This is the second consecutive markdown by Morgan Stanley, after it had marked it down by 27% in the previous quarter.
Morgan Stanley has marked the value of their Flipkart shares at $87.9 per share as of March 2016, down from $103.97 per share as of December 2015 and down 38.2% from $142.24 per share as of June 2015. The markdown pegs Flipkart's valuation at $9.39 billion, as compared to the $15.2 billion when it last raised capital in July 2015.
Morgan Stanley had picked up shares in Flipkart as a part of its series D round of funding in 2013, when the Bengaluru-based e-tailer had raised $360 million in two tranches. It ...